House prices expected to fall due to COVID-19 epidemic

House prices expected to fall due to fallout from the COVID-19 epidemic, according to the analysis carried out by some experts.

Ray Boulger, senior technical manager of broker John Charcol, predicted house prices to tumble by 10% over the next three months.

Boulger said transactions should be even lower than in 2009 after the global financial crisis, as economic uncertainty dissuades people from moving and surveyors have the practical problem of visiting homes to prepare a mortgage valuation.

He reckoned the March Nationwide House Price Index (yet to be published) will represent house prices at their peak.

Some are more pessimistic, as financial services group Jefferies said house prices could fall by 20% this year in a worst case scenario, as the Mail on Sunday reported.